Canada's main stock index pitched substantially lower on Thursday, weighed by losses in tech and metals, as investors shrugged off post-U.S.-election gains.
The TSX approached noon hour off 633.88 points, or 1.7%, to 35,707.52.
The Canadian dollar fell 0.13 cents at 71.44 cents U.S.
Among company news, Canadian Natural Resources beat analysts' estimate for third-quarter profit, helped by higher crude prices and stronger production. Natural Resources shares grabbed $1.06, or 1.5%, to $70.24.
Fertilizer producer Nutrien missed third-quarter profit estimates due to surging sulfur input costs in its phosphate segment and lower nitrogen sales volumes. Nutrien progressed $1.34, or 1.3%, to $101.70.
ON BAYSTREET
The TSX Venture Exchange let go of 17.4 points, or 2.1%, to 796.97.
Eight of the 12 subgroups lost ground, weighed most by information technology, staggering 5.6%, while consumer discretionary and materials each fell 2.6%.
The four gainers were led upwards by telecoms, moving upward 3.5%, energy, improving 0.6%, and consumer staples, better by 0.3%.
ON WALLSTREET
The NASDAQ Composite plummeted on Thursday, erasing the sharp gains from the previous session, as investors continued to move away from technology stocks.
The Dow Jones Industrial index plunged 1,056.48 points, or 2%, by noon Thursday to 52,299.64, as gains in stocks such as Chevron and Johnson & Johnson were not enough to spare the 30-stock index from the tech selling spree. The Dow erased most of its advance from Wednesday’s massive rally.
The S&P 500 index dropped 216.62 points, or 2.8%, to 7,471.64.
The tech-heavy NASDAQ slumped 963.22 points, or 3.8%, to 24,773.30.
Stocks related to the artificial intelligence trade — particularly those linked to the chips industry and data centers — slid for a second day.
Investors fear that a Democratic sweep of both chambers of Congress as well as victories in key gubernatorial races could spell more regulation of the AI buildout across the country.
Chipmakers Broadcom and Nvidia each fell 6% Thursday, as did others such as software stock Oracle. Another chip stock, Qualcomm, reported earnings that beat estimates, but the stock dropped 11% on a weaker-than-expected earnings outlook. Additionally, Elon Musk’s Tesla shed 9% and SpaceX dropped 7%.
Shares of neocloud companies also retreated, with CoreWeave losing 9%, Nebius sliding 13% and Iren shedding 14%, amid those worries about a backlash to the industry in light of the election results in various states.
Prices for the 10-year Treasury gained slight ground, lowering yields to 4.84% from Wednesday’s 4.88%. Treasury prices and yields move in opposite directions.
Oil prices recovered $2.21 to $90.33 U.S. a barrel.
Gold prices hiked $50.20 to $4,123.20 U.S. an ounce.
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